- The SEC has dismissed its case against Ripple Labs’ top executives, Chris Larsen and Brad Garlinghouse.
- With the charges gone, the scheduled April 2024 trial is canceled, and the focus shifts to determining penalties for Ripple’s alleged securities law violations.
- Legal experts anticipate more legal battles during the remedies phase, especially in determining penalties for Ripple’s institutional sales.
The United States Securities and Exchange Commission (SEC) has delivered a surprising twist in the ongoing legal battle with Ripple Labs by dropping its charges against the company’s top brass, Chairman Chris Larsen and CEO Brad Garlinghouse.
Ripple’s Chief Legal Officer, Stuart Alderoty, weighed in on the SEC’s decision, asserting that the regulatory agency had made a grave error by targeting the executives, a move that has ultimately led to the SEC’s capitulation. Importantly, Alderoty categorically referred to the development as a surrender by the SEC, rather than a settlement, further emphasizing the magnitude of this turn of events.
The legal saga, which has been ongoing for some time, saw the court ruling on July 13 that many of the XRP transactions that the SEC had alleged to be securities were not. Additionally, the court denied the SEC’s request to certify an interlocutory appeal, marking a significant setback for the regulatory body.
With the SEC’s charges against Ripple executives now dropped, the previously scheduled trial for April 2024 has been canceled. The focus has now shifted to the remedies stage, where the court will determine appropriate penalties for Ripple’s alleged violations of securities laws concerning the sale of over $700 million worth of XRP to institutional clients.
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Crypto experts anticipate that the remedies phase will not be without its share of legal battles, particularly concerning the determination of penalties for Ripple’s institutional sales. There is a growing expectation of a contentious legal showdown in this phase.
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